Indian shares opened firm and soared over 4 percent in early deals Wednesday, after the Congress-led UPA government won the crucial trust vote on Tuesday. The markets were also buoyed by falling crude futures prices and positive cues from Asian indices.
BANKING, REALTY POWER LEAD GAINERS
Beaten down sectors of banking, real estate and power were the lead performers during early trade. Banking index on the BSE was up 7.4 percent, whose surge was
contributed by heavyweight and largest bank State Bank of India which rose 6.23 percent to 1,484.75 rupees and largest private sector lender ICICI Bank Ltd., that surged 9.18 percent to 722 rupees.
Realty index was 7.27 percent up, caused by upward movement in major scrips like DLF Ltd. which rose by 8.31 percent to 491.90 rupees & Unitech Ltd. which rose 8.56 percent to 170.50 rupees. Power sector index also surged by 6.68 percent with leading energy player Reliance Infrastructure Ltd. gaining 8.63 percent to 998.60 rupees.
ICICI Bank Ltd. was the top performer on the Sensex-30 pack followed by Reliance Infrastructure. State-owned heavy electrical company Bharat Heavy Electricals Ltd. gained 8.45 percent to 1,732.55 rupees, and second largest private sector bank HDFC Bank Ltd. gained 8.15 percent to 1,190.05 rupees. Billionaire Anil Ambani controlled Reliance Communications Ltd. surged 7.56 percent to 503.55 rupees.
Broader market breadth was positive as 82.17 percent shares from 2,176 trading shares gained, while 27 out of 30 Sensex shares zoomed, and 96 out of BSE-100 shares were higher.
Source: TFN.newsdesk@thomson.com, Indian shares up 4 pct after govt proves majority; banks, realty, power cos up
